PR regarding EFSA's decision to postpone CICH deal

RNS Number : 2806V

Commercial Intnl Bank (Egypt) SAE

14 April 2016

 

RELEASE

Cairo - April 14^th, 2016 - Commercial International Bank (Egypt) would like to announce that it was informed on April 13^th , 2016 at 7:00 pm Cairo Local Time (CLT) with the Egyptian Financial Supervisory Authority (EFSA) decision to postpone announcing its final decision regarding the approval request related to the acquisition transaction of 99.98% of CI Capital Holding ("CI Capital") until some additional requirements are completed, according to EFSA's statement.

In this regard, CIB would like to reiterate that it is currently studying EFSA's decision in order to take the necessary actions to move forward with finalizing the transaction.

It is worthy to highlight that both parties of the acquisition transaction have agreed on April 12^th, 2016 to extend the SPA period for an additional 15 days from April 14th until April 28^th, 2016.

CIB will inform the market with any material event resulting from the process.

END OF RELEASE

 

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